Trans Mountain Expansion Will Transform Pacific Trades
In the second quarter of 2024, the Trans Mountain expansion project is expected be finalized. That is, if further delays can be avoided. The expansion will add about 590 thousand barrels of oil per day (b/d) of capacity to the Trans Mountain Pipeline, increasing it to 890 thousand b/d. Most of the additional volumes will likely be exported through the Westridge marine terminal in Vancouver. This terminal is being expanded to three berths, but the port can only handle tankers up to Aframax size. This means that Westridge will load around one Aframax per day if the pipeline operates at full capacity.
As Vancouver is relatively far from mainstream Aframax trading areas, it may be a challenge to ensure the timely availability of sufficient tonnage in the area. This week we will examine the Aframax trades in the region and where tonnage might be drawn from.
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